Aston Martin has signed an agreement with Mercedes-Benz to gain access to the German automaker’s advanced technologies in exchange for new shares. Mercedes-Benz will now own a 20% equity stake in Aston Martin, following the announcement earlier today from the company’s Executive Chairman, Lawrence Stroll.
“This is a transformational moment for Aston Martin. It is the result of six months of enormous effort to position the Company for success to capture the huge and exciting opportunity ahead of us,” he said.
“In those six months, since I became Executive Chairman, we have made significant progress. We have appointed a world-class leadership team with deep experience of this industry. We have aggressively and successfully de-stocked the dealer network to rebalance supply to demand. We have strengthened the financial resilience of the business and have taken decisive action on costs.”
As Mercedes becomes one of the automaker’s largest shareholders, Aston Martin will secure access to world-class technologies to support its long-term product expansion plans, including electric and hybrid powertrains. With the DBX already part of the company’s plans, Aston Martin wants to further explore future technologies and new business verticles.
Tobias Moers, Chief Executive Officer of Aston Martin Lagonda commented: “I am very excited to have joined the business to lead this transformation. I am incredibly impressed by the great work that has been delivered by the whole team here at Aston Martin. For DBX, the brand’s first SUV, the team at St Athan has followed a quality-led ramp-up as appropriate for our luxury product positioning and we are now delivering to meet customer demand.”
“Today’s expansion of our partnership with Mercedes-Benz AG is a critical step towards achieving our goals for Aston Martin,” he continued. “The capabilities of Mercedes-Benz AG technology will be fundamental to ensure our future products remain competitive and will allow us to invest efficiently in the areas that truly differentiate our products.”
Wolf-Dieter Kurz, Head of Product Strategy at Mercedes-Benz Cars commented: “We already have a successful technology partnership in place with Aston Martin that has benefited both companies. With this new expanded partnership, we will be able to provide Aston Martin with access to new cutting-edge powertrain and software technologies and components, including next generation hybrid and electric drive systems.”